Can I retire at age 56 with 948,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $948,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.8%
1 years$78,285$77,588$76,907$76,243$75,595$73,499
2 years$38,755$38,033$37,334$36,655$35,998$33,902
3 years$25,580$24,855$24,157$23,485$22,838$20,808
4 years$18,994$18,271$17,580$16,920$16,288$14,340
5 years$15,043$14,325$13,643$12,996$12,382$10,520
6 years$12,410$11,697$11,026$10,393$9,798$8,023
7 years$10,530$9,823$9,162$8,545$7,968$6,282
8 years$9,121$8,420$7,770$7,168$6,610$5,012
9 years$8,025$7,331$6,693$6,106$5,567$4,054
10 years$7,149$6,462$5,835$5,263$4,743$3,315
11 years$6,433$5,753$5,137$4,580$4,079$2,732
12 years$5,837$5,164$4,559$4,018$3,535$2,267
13 years$5,333$4,666$4,073$3,547$3,083$1,891
14 years$4,901$4,242$3,660$3,149$2,702$1,584
15 years$4,527$3,875$3,304$2,808$2,379$1,332
16 years$4,200$3,555$2,996$2,514$2,103$1,123
17 years$3,912$3,274$2,726$2,259$1,864$949
18 years$3,656$3,025$2,488$2,036$1,658$804
19 years$3,427$2,804$2,278$1,840$1,478$682
20 years$3,222$2,606$2,091$1,666$1,320$579
21 years$3,036$2,427$1,923$1,512$1,181$492
22 years$2,868$2,265$1,772$1,375$1,059$419
23 years$2,714$2,119$1,636$1,252$950$357
24 years$2,573$1,985$1,513$1,142$854$304
25 years$2,444$1,863$1,402$1,043$769$260
26 years$2,325$1,751$1,300$954$692$222
27 years$2,215$1,648$1,207$873$624$189
28 years$2,113$1,553$1,122$800$563$162
29 years$2,018$1,465$1,044$733$509$138
30 years$1,930$1,383$973$673$460$118
31 years$1,847$1,308$907$618$415$101
32 years$1,770$1,237$846$568$376$86
33 years$1,698$1,172$790$522$340$74
34 years$1,630$1,111$738$481$308$63
35 years$1,566$1,053$690$442$279$54
36 years$1,506$1,000$646$407$253$46
37 years$1,449$950$604$375$229$40
38 years$1,395$902$566$346$208$34
39 years$1,344$858$530$319$188$29
40 years$1,296$816$497$294$171$25
41 years$1,250$777$466$272$155$21
42 years$1,207$740$437$251$141$18
43 years$1,166$705$410$231$128$16
44 years$1,126$672$385$214$116$13
45 years$1,089$641$362$197$105$11
46 years$1,053$612$340$182$95$10
47 years$1,019$584$319$168$87$8
48 years$987$557$300$156$79$7
49 years$955$532$282$144$72$6
50 years$926$508$265$133$65$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $948,000, adding $3,084 every year, while hoping to spend $28,807 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 50/20/30 Blend
55$948,000$948,000$948,000$948,000
56$1,047,877$997,633$982,939$1,091,219
57$1,124,110$1,015,867$985,217$1,140,152
58$1,207,154$1,034,028$986,606$1,190,218
59$1,297,671$1,052,084$987,046$1,244,088
60$1,396,395$1,069,997$986,472$1,302,138
61$1,504,128$1,087,728$984,821$1,364,782
62$1,621,758$1,105,235$982,020$1,432,478
63$1,750,258$1,122,472$977,999$1,505,731
64$1,890,702$1,139,391$972,680$1,585,099
65$2,044,272$1,155,940$965,983$1,671,196
66$2,212,268$1,172,062$957,824$1,764,703
67$2,396,124$1,187,697$948,116$1,866,368
68$2,597,417$1,202,783$936,766$1,977,019
69$2,817,884$1,217,249$923,677$2,097,570
70$3,059,437$1,231,023$908,750$2,229,026
71$3,324,184$1,244,028$891,877$2,372,501
72$3,614,444$1,256,179$872,949$2,529,221
73$3,932,774$1,267,388$851,849$2,700,539
74$4,281,988$1,277,561$828,456$2,887,950
75$4,665,185$1,286,596$802,645$3,093,100
76$5,085,782$1,294,387$774,281$3,317,808
77$5,547,538$1,300,819$743,226$3,564,081
78$6,054,599$1,305,770$709,336$3,834,129
79$6,611,528$1,309,113$672,459$4,130,396
80$7,223,354$1,310,709$632,436$4,455,573
81$7,895,615$1,310,414$589,102$4,812,631
82$8,634,415$1,308,071$542,284$5,204,846
83$9,446,476$1,303,517$491,801$5,635,833
84$10,339,205$1,296,578$437,464$6,109,577
85$11,320,761$1,287,067$379,077$6,630,474
86$12,400,136$1,274,791$316,433$7,203,374
87$13,587,233$1,259,539$249,317$7,833,623
88$14,892,966$1,241,092$177,504$8,527,120
89$16,329,359$1,219,215$100,761$9,290,368
90$17,909,659$1,193,662$18,842$10,130,537
91$19,648,463$1,164,170$0$11,055,538
92$21,561,853$1,130,462$0$12,096,044
93$23,667,551$1,092,243$0$13,247,581
94$25,985,081$1,049,203$0$14,514,805
95$28,535,957$1,001,012$0$15,909,500
96$31,343,886$947,322$0$17,444,654
97$34,434,986$887,766$0$19,134,581
98$37,838,041$821,952$0$20,995,058
99$41,584,764$749,471$0$23,043,473
100$45,710,101$669,886$0$25,298,987